Stock Market Updates: Foreign Institutional Investors (FIIs) bought equities worth Rs 3,444.06 crore on Monday
Stock Market Updates: Benchmark indices opened low on Wednesday, a day after the announcement of Budget 2024. The Sensex rose by 45.03 points, or 0.06 percent, to 80,474.07, while the Nifty declined by 42.50 points, or 0.17 percent, to 24,436.50.
The rupee opened flat at 83.68 per dollar on Wednesday, compared to Tuesday’s close of 83.69.
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Sensex and Nifty settled marginally lower in volatile trade on Tuesday as the government proposed to hike securities transaction tax on futures & options in the budget for 2024-25.
Recovering most of its intra-day losses of over 1,200 points, the 30-share BSE Sensex settled lower by 73.04 points or 0.09 per cent 80,429.04.
The index gyrated between highs and lows during the day as Finance Minister Nirmala Sitharaman announced budget proposals for 2024-25.
The barometer tanked 1,277.76 points or 1.58 per cent to hit a low of 79,224.32 as the minister announced a hike in STT on F&O trade and an increase in long-term capital gains tax on equities. However, tax exemptions and customs duty cuts helped boost consumer durables and FMCG shares, aiding stocks to recover from the day’s lows.
The NSE Nifty dipped 30.20 points or 0.12 per cent to 24,479.05. Intra-day, it dropped 435.05 points or 1.77 per cent to 24,074.20.
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Income Tax Relief
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party’s new coalition partners as she unveiled Modi 3.0 government’s first budget after the general elections.
The finance minister said the government plans to raise the capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for the middle and upper middle class.
Presenting the Budget for 2024-25, she announced a hike in STT (Securities Transaction Tax) on F&O (futures and options) securities by 0.02 per cent and 0.1 per cent.
She abolished ‘angel tax’ for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax.
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Foreign Institutional Investors (FIIs) bought equities worth Rs 3,444.06 crore on Monday, according to exchange data.
In Asian markets, Seoul settled higher while Tokyo, Shanghai and Hong Kong ended lower.
European markets were trading higher.
The US markets ended in the positive territory on Monday.
Global oil benchmark Brent crude climbed 0.25 per cent to USD 82.63 a barrel.
Falling for the second day in a row, the BSE benchmark fell 102.57 points or 0.13 per cent to settle at 80,502.08 on Monday.
The NSE Nifty dipped 21.65 points or 0.09 per cent to 24,509.25.
